Luxembourg cements its position as number 1 renminbi centre in the Eurozone

24.02.2014 (All day)

New figures for renminbi (RMB) business volumes in Luxembourg strengthen the Grand-Duchy’s position as the largest renminbi centre in the Eurozone and third largest in the world after Hong Kong and Singapore. The data, published by Luxembourg’s Ministry of Finance, reveal constantly increasing figures in the main business sectors.

Luxembourg’s success in renminbi business is based on its recognized role as entry gate into the EU and Eurozone for trade and investment flows from China with the support of the Chinese banks - Bank of China, ICBC and CCB have indeed chosen to establish their European headquarters in Luxembourg - as well as on its unique expertise in offering cross-border financial services to international customers. Luxembourg is the largest investment fund distribution centre in the world after the US, the largest global Eurobond listing platform and the premier private banking centre in the Eurozone. As one of the few remaining European countries with a AAA credit rating from the three major rating agencies, Luxembourg also offers a stable political and financial environment.

The first Luxembourg Renminbi Forum will take place in Luxembourg on February 26, 2014. The Forum will gather high-profile practitioners from China and Europe to discuss China’s economic outlook, the role of European financial centres in strengthening the internationalisation of the renminbi, liquidity issues and the development of RMB investment products.”

The Forum is organised by Luxembourg for Finance in joint partnership with Clearstream. Speakers include Luxembourg Minister of Finance Pierre Gramegna, Li Weiqun of the China Association of Private Equity, Beijing, Yves Mersch, Executive Board member of the European Central Bank, as well as representatives of the main European financial centres Luxembourg, Frankfurt, Paris and London.